Black Market Dollar To Naira Exchange Rate Hits New High On February 18, 2024

Black Market Dollar To Naira Exchange Rate Hits New High On February 18, 2024

In an effort to stabilize currency transactions amidst fluctuating black market rates, Nigerian banks are enticing customers to convert their dollar deposits to naira……READ ALSO Black Market Dollar To Naira Exchange Rate Today

Nigerian commercial banks are taking proactive measures to address the volatility in the black market exchange rate by encouraging customers to convert their dollar deposits to naira.

According to reports, some banks have initiated campaigns to educate customers on the process of converting foreign currency held in their domiciliary accounts into naira.

Utilizing digital platforms, these banks are offering customers the convenience of instantly converting United States (U.S.) dollars to naira directly through their Internet banking services.

While promoting the initiative as competitive, one bank disclosed via SMS to its customers that the conversion rate is set at N1,450 per dollar. This rate is notably lower than the prevailing black market rate, which stood at N1,510 per dollar as of Thursday.

Furthermore, the bank has implemented a daily transaction limit of $50,000 to manage the conversion process effectively.

It’s important to note that these efforts come amidst ongoing fluctuations in the black market exchange rate, and customers are advised to consider the prevailing rates and consult with their banks for accurate conversion details.